First Nations Fiscal Management Act

Marginal note:Local revenues

• 14 (1) Local revenues of a first nation shall be reported on and accounted for separately from other moneys of the first nation in compliance with the standards established under paragraph 55(1)(d).

• Marginal note:Audited reports

  (1.1) For the purposes of subsection (1), the first nation shall prepare a financial report on its local revenues that shall be audited at least once each year. However, if it is authorised by a standard established under paragraph 55(1)(d), the first nation may instead report on its local revenues in its audited annual financial statements as a distinct segment of the activities that appear in the statements.

• Marginal note:Access to report

  (2) The audited financial report or the audited annual financial statements, as the case may be, shall be made available to

  • (a) the members of the first nation;

  • (b) any other persons who have an interest in, or the right to occupy, possess or use, the first nation’s reserve lands;

  • (c) the First Nations Tax Commission, the First Nations Financial Management Board and the First Nations Finance Authority; and

  • (d) the Minister.